Common-Size Income Statement
Quarterly Data
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- Income Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Starbucks Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30).
The analysis of the quarterly financial data reveals several noteworthy trends in revenue composition, cost structure, profitability, and operating performance over the observed periods.
- Revenue Composition
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Company-operated stores consistently account for the majority of net revenues, with a generally stable percentage around the low 80s, showing a slight increase post mid-2020 after a dip around March 2020. Licensed stores contribute roughly between 7% and 13%, with notable fluctuations including a low point in mid-2020 followed by recovery to above 11%. The "Other" category maintains a smaller share of around 5% to 9%, with some increases in early 2020 and a gradual decline afterward.
- Cost Structure
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Product and distribution costs represent a significant portion of net revenues, generally fluctuating between approximately -30% and -35%, with a spike to -95.26% in June 2020 suggesting an anomaly or extraordinary event likely related to pandemic impacts. Store operating expenses also show variability, peaking around -60% in mid-2020 and trending downward in subsequent periods but remaining relatively high around -40% to -47%, indicating ongoing elevated operational costs.
The combined cost of revenues demonstrates substantial volatility, particularly increasing sharply in mid-2020 (-95.26%) and generally staying elevated thereafter compared to pre-2020 levels, which may reflect supply chain challenges or operational disruptions.
- Profitability Metrics
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Gross profit margins displayed a strong contraction in mid-2020, falling to as low as approximately 4.7%, coincident with spikes in cost metrics, but recovered by late 2020 to levels comparable to, though generally lower than, pre-pandemic periods (around 27%-31%). Subsequent quarters see fluctuating but generally stable gross profit percentages around the mid to high 20s.
Operating income trends mirror gross profit changes, with a sharp negative turn (-16.67%) in mid-2020 followed by recovery to positive territory, peaking near 19.86% in mid-2021 before moderating somewhat in later periods. The downturn and following rebound highlight significant operational disruption and recovery dynamics.
Net earnings attributable to Starbucks show similar volatility, with a pronounced dip to a negative level (-16.07%) in June 2020, rebounding to over 20% in late 2021, and then exhibiting a gradual decline through early 2025, ending around 4.39%. This overall trajectory reflects the major impact of external shocks with partial recovery and renewed pressures in recent quarters.
- Operating Expenses and Other Factors
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Depreciation and amortization expenses increased notably during mid-2020, coinciding with cost spikes, before stabilizing at lower levels in later periods. General and administrative expenses have fluctuated moderately but generally remain within the range of approximately -5.9% to -7.6% of net revenues.
Restructuring costs show intermittent but generally low impact except for heightened levels during 2020, aligning with the period of operational stress. Income from equity investees remained positive, although somewhat erratic, contributing modestly to revenues.
Interest expense slightly increased during the COVID-19 impacted periods but remained relatively contained. Income tax expense showed a lower rate during mid-2020, with occasional benefits offset by generally consistent tax expenses in other quarters.
- Additional Observations
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Notable one-time gains such as net gains from divestitures occurred sporadically, especially in early 2019 and around late 2020, temporarily boosting earnings figures. The data also suggests some impacts from asset sales and other income components that momentarily influenced income metrics.
In summary, the financial data reflect a significant operational disruption coinciding with the mid-2020 period, likely linked to global external events, followed by a recovery phase with continued volatility in profitability and costs. The company's revenue mix remained fairly stable with company-operated stores predominant, but the cost base and profitability margins experienced notable pressures and partial rebounds throughout the periods analyzed.